Visa Is Cutting 2,600 Jobs — AI Is Only Part of the Reason

Visa is cutting about 2,600 jobs, roughly 7% of its workforce. The layoffs will primarily hit technology and product teams, Bloomberg reports. CEO Ryan McInerney wrote to his staff that AI is “helping to accelerate this evolution and shape the way work is done at Visa.”

But it it is not the whole story. The cuts are also about freeing up cash to reinvest in newer bets like stablecoins, cross-border payments and business-to-business services, according to a person familiar with the company’s reasoning.

Visa had about 34,100 employees at the end of the last fiscal year, more than triple what it had a decade ago. “I strongly believe that we are doing what is right for Visa, our customers and our partners,” McInerney wrote. Visa is not the only one fintech company downsizing staff. PayPal recently announced plans to cut 20% of its workforce, and The block has made similar moves in recent months.

Visa is cutting about 2,600 jobs, roughly 7% of its workforce. The layoffs will primarily hit technology and product teams, Bloomberg reports. CEO Ryan McInerney wrote to his staff that AI is “helping to accelerate this evolution and shape the way work is done at Visa.”

But it it is not the whole story. The cuts are also about freeing up cash to reinvest in newer bets like stablecoins, cross-border payments and business-to-business services, according to a person familiar with the company’s reasoning.

Visa had about 34,100 employees at the end of the last fiscal year, more than triple what it had a decade ago. “I strongly believe that we are doing what is right for Visa, our customers and our partners,” McInerney wrote. Visa is not the only one fintech company downsizing staff. PayPal recently announced plans to cut 20% of its workforce, and The block has made similar moves in recent months.